Credit suisse conference fireside chat final wo video or notes

MOVING THE WORLD AT WORK

Oshkosh Corporation (NYSE:OSK)

Credit Suisse Industrials ConferenceDecember 1, 2015


Forward-Looking Statements

2December 1, 2015Credit Suisse Industrials Conference

This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the Company’s estimates of access equipment demand; the strength of the U.S. dollar and its impact onCompany exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (“DoD”) and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; risks related to the Company’s future defense segment sales as a result of the outcome of a competitor’s protest of the JLTV production contract award to the Company; the Company’s ability to finalize an international contract for more than 1,000 M-ATVs, with the majority of the units sold in fiscal 2016; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products;risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws andregulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.


Oshkosh Corporation

Leading provider of specialty vehicles– Moving the World at Work

Nearly 100 years in business; incorporated in 1917

Serial innovator of game changing new products

Market Capitalization(1): $3.2 billion

FY15 Revenue: $6.1 billion

Focused on delivering value to customers and shareholders

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(1) As of November 27, 2015

Access Equipment Defense Fire & Emergency Commercial

December 1, 2015Credit Suisse Industrials Conference


Oshkosh Corporation Profile - FY15

4Credit Suisse Industrials Conference December 1, 2015

56%

15%

13%

16%

Revenue by Segment

Access Equipment Defense Fire & Emergency Commercial

79%

5%9%

7%

Revenue by Geography

United States Other NA EAME Rest of World

Continuing to evolve to a more global industrial− Defense growing faster than other segments


MOVE Strategy Driving Performance… Focuses on drivers that

create highest shareholder value Supports higher margin

targets across non-defense businesses over the cycle


…In FY16 and Beyond


Positive Near-Term OutlookDespite Some Short-Term Challenges

Access Equipment segment– Softer Q1/Q2 demand– Actively managing costs and

inventory levels– Strong underlying drivers

Fire & Emergency and Commercial segments– Higher market shares– Higher margin initiatives– Higher backlog at Y/E FY15

Defense segment– Pursuing significant international

growth opportunities for FY16 & FY17– Re-started FHTV production– Aftermarket opportunities growing– Won U.S. DoD JLTV contract Raises Oshkosh profile with DoD Provides strong Defense business base

beginning in FY18



Oshkosh L-ATV is JLTVAnything Else is Something Less

Named winner of intensive competition on August 25, 2015

Program requirements of ~55,000 vehicles over 20+ years– Oshkosh contract valued at $6.7B for

~17,000 vehicles over 8 years– Full rate production begins in 3+ years

Highly protected, extreme mobility, affordable

Oshkosh viewed in new light by DoD Significant international interest Confident to retain contract following

protest

December 1, 2015Credit Suisse Industrials Conference 7


70

75

80

85

90

95

09/30/12 09/30/13 09/30/14 09/30/15

# Outstanding Shares

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

FY13 FY14 FY15 FY16E

Annualized Dividend Payment

Aggressively retiring shares at favorable prices; $805 million allocated to share repurchases in FY13 - FY15

Reinstated dividend in December 2013; increased twice in two years (1.65% yield (2))

(1) Total shareholder return(2) As of October 30, 2015E = Estimated


~21% Reduction~27% Increase

Capital Allocation Contributing to TSR (1)

Disciples of “The Outsiders”


What to Expect from Oshkosh?

MOVE strategy evolves– Margin improvement– Launch game-changing new

products– Compete vigorously for business

around the world

Defense driving growth

– Strong demand for international M-ATVs

– JLTV award is historic; expect contract award to Oshkosh to be affirmed

Attacking costs in Access Equipment segment; expect strong 2H FY16

Continued growth in Fire & Emergency and Commercial segments results



For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

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Jeffrey D. WattDirector, Investor Relations(920) [email protected]




Appendix: Consolidated Results(Dollars in millions, except per share amounts)

Fiscal Year Comments

Net Sales $6,098.1 $6,808.2% Change (10.4)% (11.2)%

Adjusted Operating Income** $398.1 $512.2

% Change (22.3)% (4.2)%% Margin 6.5% 7.5%

Adjusted EPS** $3.02 $3.62% Change (16.6)% (3.2)%

2015 2014

** Non-GAAP results. See Appendix for reconciliation to GAAP results.

Sales impacted by: Lower Defense and Access

Equipment segment sales Unfavorable foreign currency Higher Fire & Emergency and

Commercial segment sales

EPS impacted by: Lower Access Equipment and

Defense segment results Higher tax rate Higher Fire & Emergency and

Commercial segment results Lower Corporate expenses Lower share count




Appendix: Access Equipment(Dollars in millions)

Net Sales $3,400.6 $3,506.5% Change (3.0)% 12.4%

AdjustedOperating Income* $409.5 $501.1

% Change (18.3)% 28.9%% Margin 12.0% 14.3%

2015 2014

* Non-GAAP results. See Appendix for reconciliation to GAAP results.

Sales impacted by: Unfavorable foreign currency Lower North America demand Higher European demand

Operating income impacted by: Unfavorable product mix Unfavorable production

variances Lower incentive compensation

expense

Backlog down 45% vs. prior year to $210 million




(Dollars in millions)

2015 2014

Appendix: Defense

Net Sales $939.8 $1,724.5% Change (45.5)% (43.5)%

Adjusted Operating Income* $5.8 $85.3

% Change (93.1)% (62.7)%% Margin 0.6% 4.9%


Sales impacted by: Lower FHTV and FMTV sales M-ATV reset volume International M-ATV sales

Operating income impacted by: Lower sales volume Lower SG&A

Backlog up 81% vs. prior year to $1.4 billion, including $0.1 billion related to JLTV contract award





2015 2014

Appendix: Fire & Emergency

Net Sales $815.1 $756.5% Change 7.8% (4.5)%

Operating Income $43.8 $26.6% Change 64.5% 11.7%% Margin 5.4% 3.5%

Sales impacted by: Higher fire apparatus volume

Operating income impacted by: Higher sales volume Higher pricing Favorable absorption

Backlog up 39% vs. prior year to $790.7 million





2015 2014

Appendix: Commercial

Net Sales $978.0 $865.9% Change 12.9% 12.9%

Operating Income $64.5 $53.9% Change 19.7% 30.5%% Margin 6.6% 6.2%

Sales impacted by: Higher RCV volume Lower concrete mixer volume

Operating income impacted by: Higher sales volume Stronger mix of RCV sales MOVE investments

Backlog up 20.7% vs. prior year to $193 million


Appendix: Expectations for FY16

Additional expectations Corporate expenses of $145 - $150 million Tax rate of ~ 34% CapEx of ~ $100 million Free Cash Flow* ~ $350 million Assumes share count of ~ 75 million

Segment information

Revenues of ~ $6.2 - $6.5 billion Operating income of $400 million to $440 million EPS of $3.00 to $3.40


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Quarterly commentary Earnings weighted to second half

Increased international M-ATV sales Seasonality Cautious construction equipment customers

First quarter slightly profitable

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $2.9 to $3.05 ~ $1.55 ~ $0.9 ~ $1.0

Operating Income Margin ~ 10.5% ~ 8.75% ~ 6.0% ~ 7.0%




Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

2015 2014

Adjusted earnings per share - diluted (non-GAAP) 3.02$ 3.62$ Reduction of valuation allowance on net operating loss carryforward - 0.14 Debt extinguishment costs, net of tax (0.12) (0.08) Pension and OPEB curtailment/settlement, net of tax 0.03 0.01 Contract pricing adjustment for OPEB costs, net of tax - (0.08) Workforce reduction charges, net of tax (0.03) - Earnings per share - diluted (GAAP) 2.90$ 3.61$

Fiscal 2016Expectations

Net cash flows provided by operating activities 475.0$ Additions to property, plant and equipment (100.0) Net additions to equipment held for rental (25.0) Free cash flow 350.0$

September 30,Fiscal Year Ended,



Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions):

2015 2014

Adjusted consolidated operating income (non-GAAP) 398.1$ 512.2$ Pension and OPEB curtailment/settlement 3.4 1.8 Contract pricing adjustment for OPEB costs - (10.7) Workforce reduction charges (2.9) - Consolidated operating income (GAAP) 398.6$ 503.3$

Adjusted access equipment segment operating income (non-GAAP) 409.5$ 501.1$ Workforce reduction charges (2.5) - Access equipment segment operating income (GAAP) 407.0$ 501.1$

Adjusted defense operating income (non-GAAP) 5.8$ 85.3$ Pension and OPEB curtailment/settlement 3.4 1.8 Contract pricing adjustment for OPEB costs - (10.7) Defense segment operating income (GAAP) 9.2$ 76.4$

Fiscal Year EndedSeptember 30,